Derivatives · Perp DEX · GMX
GMX uses multi-asset liquidity pools (GLP V1, GM V2) where LPs are the counterparty to traders; oracle-based pricing means zero price-impact trades up to pool depth. V2 added isolated-market GM pools.
Multi-asset pool-backed perpetuals with zero price impact.
GMX price
$6.79
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Oracle-priced, pool-backed perps with zero price impact within pool depth; GLP composability across DeFi.
GMX V1's multi-asset index pool. A single basket of blue-chip assets and stablecoins that acts as the counterparty to all traders on V1. LPs mint/redeem GLP and earn a share of swap and leverage-trading fees; they collectively take the other side of trader PnL.
GMX V2's per-market liquidity pools introduced in the August 2023 upgrade. Each market (e.g. BTC/USD, ETH/USD, SOL/USD) has its own isolated GM pool with independent parameters and risk, replacing the single shared GLP so that risk from one market does not contaminate others.
GMX prices trades off external oracle feeds (Chainlink plus GMX's own low-latency price feeds in V2) rather than an AMM curve. Traders open/close at the oracle price, historically with zero price impact on V1 — the design that enabled the 2022 AVAX manipulation and that V2 hardened with price impact and funding mechanics.
GMX is the governance and fee-sharing token; stakers receive a share of protocol fees (in ETH/AVAX) plus esGMX and Multiplier Points. esGMX (escrowed GMX) is a non-transferable reward token that can be staked or linearly vested into liquid GMX over 365 days.
250,000 GMX (~1.88% of supply), vested linearly over 2 years — reflecting a fair launch with no VC round
GMX Docs — GMX tokenUp to $5,000,000 for critical smart-contract vulnerabilities via Immunefi
GMX Immunefi bug bountyHow GMX maps onto established TradFi structures, and where it diverges.
Futures / perpetual swap exchange (e.g. CME or a CEX derivatives desk)
GMX
Offers leveraged long/short exposure to crypto assets via perpetual contracts, with funding-style mechanics and a central price feed.
TradFi analogue
There is no central broker or matching engine. Traders trade against a pool of on-chain liquidity providers rather than other traders; custody is self-custodial; pricing comes from oracles, not an internal order book.
Market-making / liquidity-provision fund
GMX
GLP and GM liquidity providers earn fee income by supplying capital that others trade against, similar to a market maker earning spread and financing.
TradFi analogue
LPs are fully passive and take the aggregate other side of all trader PnL automatically; there is no active quoting, and returns depend on net trader performance plus fees rather than managed spread capture.
GMX DAO / GMX token holders
Governance GMX is governed by a pseudonymous core team and its DAO. Protocol changes, treasury use and parameter updates are discussed on the GMX governance forum (gov.gmx.io) and voted on by GMX/esGMX holders.
Key milestones: launches, upgrades, exploits and governance events.
GMX launches on Arbitrum (rebrand from Gambit)
ExecutedGMX went live on Arbitrum in September 2021, rebranding and merging the earlier Gambit Financial (BNB Chain) and XVIX tokens (XVIX, GMT, XLGE, xGMT) into the single GMX token via a migration allocation.
SourceGMX deploys on Avalanche
ExecutedGMX expanded to a second network, Avalanche, in January 2022, extending its GLP-backed perpetual and swap markets to AVAX-based assets.
SourceGMX V2 beta launch (GM isolated markets)
ExecutedGMX V2 went live on Arbitrum and Avalanche mainnet, replacing the single GLP pool with isolated per-market GM pools, adding new assets (SOL, XRP, LTC, DOGE, ARB), multiple collateral types, funding rates and lower-slippage block-by-block oracle pricing.
SourceGMX is a decentralized perpetual and spot exchange on Arbitrum and Avalanche. Rather than matching a taker against a maker on an order book, traders trade against a pool of liquidity providers — the shared GLP pool in V1 and isolated GM pools in V2. LPs collectively take the opposite side of trader profit and loss and earn trading and swap fees in return.
GMX uses external oracle prices (Chainlink, plus GMX's own low-latency feeds in V2) instead of an internal AMM curve. In V1 this meant zero price impact at the oracle price; V2 added price impact, borrowing and funding fees to make the model more robust against manipulation and imbalance.
V1 uses one shared multi-asset pool (GLP) that backs every market. V2, launched in August 2023, splits liquidity into isolated per-market GM pools with their own parameters, adds funding rates and price impact, and expands the list of tradeable assets. V2 isolates risk so a problem in one market does not drain liquidity backing others.
No. GMX had a fair launch with no venture-capital round or private token sale. The token supply came largely from migrating the earlier Gambit/XVIX tokens, plus Uniswap liquidity, esGMX vesting reserves, a floor-price fund, marketing/community and a small (~1.9%) team allocation.
GMX suffered two notable incidents. In September 2022 a trader manipulated the AVAX/USD oracle price to extract roughly $565K from GLP on Avalanche, exploiting V1's zero-price-impact design. In July 2025 an attacker drained about $40M+ from GMX V1 on Arbitrum via a re-entrancy/accounting flaw; after GMX offered a 10% white-hat bounty, the exploiter returned the bulk of the funds.
